Frequently Asked Questions

Last updated on September 26 2018Commentary is for informational purposes
only. See legal
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Answers To Common Questions

What happens after I apply?
/ As soon as you submit your pre-application for lending
it's sent to our review center. Depending on how busy our staff is,
your request is either approved or disapproved. If approved, it's
then forwarded to our back end system for lenders in your area to
review. In some cases this all happens in a matter of seconds.

How long before I hear back from somebody?
/ It varies.
It depends on the day of the week, time of day, how many lenders in
your area are browsing, and what you submitted in your pre-app.

Just make sure you follow
the instructions carefully while submitting your pre-app. On average
it takes 4-5 business days to be funded for larger loans. If you haven't
heard back within 5 business days that means none of the lenders in
your area were available to review your request, or they did review
it and passed on it.

If you don't get an email back after
5 business days you are welcome to submit another application. In
some cases users submit multiple pre-apps before they get approved.

Why can't I just have a list
of the lenders so I can approach them? / the reason lenders
use our service is so they don't have to waste time with applicants
who aren't serious. They get nonsense requests for financing all the
time (online and offline), but with our system they can easily weed
out inferior applications and spend their time working with serious
customers who are up front and ready to be considered for a loan.

How come I see other people
with really bad credit saying they got approved, but whenever I apply
I'm not? / We are very sorry if you have not found a willing
lender in your area that can help you with a loan. Don't let comments
from other people online discourage you. No one will know if these
people were really approved for a loan or not. Work on improving your
credit score, reducing costs, and creating more income.

Are you moving your offices
from Chicago IL to Rancho Mirage CA as rumored? / Yes. The
entire Somerset family is moving to California in early 2018 where
we will be setting up our offices for business there. Our website,
database, and free service will continue uninterrupted during this
transition.

WeFindLenders.com is such
a new website. Where is all the data coming from for the 5x5 City
Volume and State Credit Scores? / All data is taken from
over 150 financial service websites in the United States that use
the WFL Lender Pool network. Learn more here.

What if my credit score is
really bad in the 400-500 range? / We've had many people
get approved for loans with scores that low. However, what we don't
know is if they were using some form of collateral or a cosigner to
get approved. Unfortunately (as mentioned above) we can only speculate
on whether or not borrowers get approved. We get emails from people
all the time thanking us for our service, and we even collect testimonials.
It's in the bulk data that we can begin to see a pattern of success.
Short answer is we've had hundreds of applicants with scores that
low claiming to get approved.

Is WFL planning on becoming
a lender? / No. We have no plans to be a consumer lender.